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Willard Probably Paid Zero Taxes in '09

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Sal

Sal
When the stock market collapsed in 2008, the wealthiest investors fared worse than everyone else. (See, for instance, this Merrill Lynch study.) The “ultra-rich”—those with fortunes of more than $30 million—fared worst of all, losing on average about 25 percent of their net worth. “There was really nowhere to hide as an investor in 2008,” Merrill Lynch’s president of global wealth management pointed out in 2009. “No region ended the year unscathed.”

As a member of the ultra-rich, Romney probably wasn’t spared major losses. And it’s possible he suffered a large enough capital loss that, carried forward and coupled with his various offshore tax havens, he wound up paying no U.S. federal taxes at all in 2009. If true, this would be politically deadly for him. Even assuming that his return was thoroughly clean and legal—a safe assumption, it seems to me—the fallout would dwarf the controversy that attended the news that Romney had paid a tax rate of just 14 percent in 2010 and that estimated he’d pay a similar rate in 2011.

The “zero tax in 2009” theory—again, this is sheer speculation—gains further sustenance when you consider it’s the only year for which nobody knows anything about Romney’s taxes. He’s revealed what’s in his 2010 and 2011 returns, and he reportedly submitted 20-some years’ worth of returns to the McCain campaign when he was being vetted for vice president in 2008. Steve Schmidt, McCain’s chief strategist in that campaign, said on MSNBC last night that while he didn’t examine Romney’s returns himself, nothing that McCain’s vetters found in them disqualified Romney from consideration.

That would indicate that 2009 is singularly important and, if there’s anything to this theory, incredibly vexing for Romney because there’s no way he could release additional returns without including that year. And the chaos that would ensue would be bad enough that it’s probably worth enduring significant damage to avoid.


http://www.businessweek.com/articles/2012-07-17/whats-romney-hiding-in-his-tax-returns king

othershoe1030

othershoe1030
Okay, now here's the thing, there are many people who go totally over Yahoo Ridge when they even begin to think about some Americans not paying Federal Income Tax. Never mind that these folks are too poor to even see the tax bar much less skip over it.

Never mind, never mind, never mind. To them the single sin these people have committed is not that they're poor but that they paid no taxes. Drives them nuts. They can't grasp the rather obvious detail that in order to pay Federal Income Tax there must be income to tax.

The question now is, if the "Romney didn't pay any income tax in 2009" theory is true...are these 'jeepers creepers' people going to be able to give him a pass or will they want him to at least chip in a buck just to fulfill the idea of "we're all in this together?"

Guest


Guest
the problem with romney isn't that he's a rich SoB, it's how he made his money and how he avoids paying taxes on it.. he is what is wrong with America today.. that and lbj's great America society paying people to breed.

Guest


Guest
They all do it; Oblamer is no better than Romney when it comes to taxes:

President Obama and his wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters, according to tax records made public on Friday.
The president and his wife separately gave each daughter a $12,000 gift under a section of the federal tax code that exempts such donations from federal taxes.
There is nothing illegal about the president’s taking advantage of this tax shelter, but it does raise eyebrows given that he has lamented the myriad tax exemptions used by the wealthy—“millionaires and billionaires” like himself—to pay less in taxes. He has yet to propose a comprehensive plan to reform the byzantine tax code.
The Obamas paid a total federal tax rate of 20.5 percent on a gross adjusted income $789,674, which would typically fall within the top federal rate of 35 percent. According to an analysis of the president’s tax return, he may have paid a lower rate than his secretary despite making more than eight times as much money as she did.

Guest


Guest
nochain wrote:They all do it; Oblamer is no better than Romney when it comes to taxes:

President Obama and his wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters, according to tax records made public on Friday.
The president and his wife separately gave each daughter a $12,000 gift under a section of the federal tax code that exempts such donations from federal taxes.
There is nothing illegal about the president’s taking advantage of this tax shelter, but it does raise eyebrows given that he has lamented the myriad tax exemptions used by the wealthy—“millionaires and billionaires” like himself—to pay less in taxes. He has yet to propose a comprehensive plan to reform the byzantine tax code.
The Obamas paid a total federal tax rate of 20.5 percent on a gross adjusted income $789,674, which would typically fall within the top federal rate of 35 percent. According to an analysis of the president’s tax return, he may have paid a lower rate than his secretary despite making more than eight times as much money as she did.
The COWH isn't paying his fair share?...Greedy...wealthy and taking advantages of the tax code!...Wait isn't that his battlecry against republicans?...He lectures about the unfairness about Buffet's secretary and has her at the State of the Union...maybe his secretary should have been featured in the rebuttal...

othershoe1030

othershoe1030
This talk reminds me of one of the Republican's battle cries, namely that we have the highest corporate tax rate in the world. What do corporations really pay? Looks like they pay around 12%
More to the topic here, let us not forget that in his speeches the President includes himself in the group who should pay a higher tax rate.

Guest


Guest
othershoe1030 wrote:This talk reminds me of one of the Republican's battle cries, namely that we have the highest corporate tax rate in the world. What do corporations really pay? Looks like they pay around 12%
More to the topic here, let us not forget that in his speeches the President includes himself in the group who should pay a higher tax rate.

Until a president starts pushing Congress to overhaul and simplify the tax code it is hardly productive to point fingers at those who take advantage of tax law to reduce taxes. Scale doesn't matter - whether one is making millions or is middle class we all take advantage of whatever reductions are available. The thing I find sadly amusing is how Oblamer throws rocks at Romney while doing the very same thing - taking advantage of tax codes to reduce taxes. Some folks would consider that hypocrisy. Only the voters can start demanding action on the tax code.

othershoe1030

othershoe1030
nochain wrote:

Until a president starts pushing Congress to overhaul and simplify the tax code it is hardly productive to point fingers at those who take advantage of tax law to reduce taxes. Scale doesn't matter - whether one is making millions or is middle class we all take advantage of whatever reductions are available. The thing I find sadly amusing is how Oblamer throws rocks at Romney while doing the very same thing - taking advantage of tax codes to reduce taxes. Some folks would consider that hypocrisy. Only the voters can start demanding action on the tax code.
The multi-volume tax code definitely needs an overhaul. As it stands, from what I can gather, it has become a code designed by and for special interests who have managed to get one line tidbits included in bills here and there that benefit only them. Shows like 60 Minutes have done stories about this sort of thing.

What gets me is that when a politician starts seriously talking about reform the one item that is often suggested for elimination is the tax break people get for the interest they pay on their home mortgages. That is one many people are familiar with and take advantage of. I think it helps support home ownership.

The aggravating thing about bringing up this part of the tax code is that there are so many other tax benefits for huge companies and the well-to-do that never get mentioned. Once the homeowners tax break gets mentioned everyone throws up their arms and says basically: "Oh no, don't touch that!" and then tax reform goes and hides under a rock again.

Sal

Sal
nochain wrote:They all do it; Oblamer is no better than Romney when it comes to taxes:

President Obama and his wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters, according to tax records made public on Friday.
The president and his wife separately gave each daughter a $12,000 gift under a section of the federal tax code that exempts such donations from federal taxes.
There is nothing illegal about the president’s taking advantage of this tax shelter, but it does raise eyebrows given that he has lamented the myriad tax exemptions used by the wealthy—“millionaires and billionaires” like himself—to pay less in taxes. He has yet to propose a comprehensive plan to reform the byzantine tax code.
The Obamas paid a total federal tax rate of 20.5 percent on a gross adjusted income $789,674, which would typically fall within the top federal rate of 35 percent. According to an analysis of the president’s tax return, he may have paid a lower rate than his secretary despite making more than eight times as much money as she did.

Pikers ...

LMAO

Guest


Guest
salinsky wrote:
nochain wrote:They all do it; Oblamer is no better than Romney when it comes to taxes:

his secretary despite making more than eight times as much money as she did.

Pikers ...

LMAO

_______________________________________________

I can't believe you are insulting your hero Oblamer like that!

Guest


Guest
nochain wrote:
salinsky wrote:
nochain wrote:They all do it; Oblamer is no better than Romney when it comes to taxes:

his secretary despite making more than eight times as much money as she did.

Pikers ...

LMAO

_______________________________________________

I can't believe you are insulting your hero Oblamer like that!
And now the IRS will become even more powerful as they enforce the [Name]COWH Healthcare...The IRS would be an excellent agency to begin elimination...

NaNook

NaNook
othershoe1030 wrote:This talk reminds me of one of the Republican's battle cries, namely that we have the highest corporate tax rate in the world. What do corporations really pay? Looks like they pay around 12%
More to the topic here, let us not forget that in his speeches the President includes himself in the group who should pay a higher tax rate.

Yet, GM was granted a special tax credit. No taxes for 10 years....meanwhile where is the 50 Billion they owe us?

Guest


Guest
GE still takes the cake paying zero taxes on 5 billion in profits.

Guest


Guest
PACEDOG#1 wrote:GE still takes the cake paying zero taxes on 5 billion in profits.

Don't forget Exxon......

Guest


Guest
nochain wrote:
PACEDOG#1 wrote:GE still takes the cake paying zero taxes on 5 billion in profits.

Don't forget Exxon......
And the chairman of GE....personal friend and advisor of the COWH!...Jobs outsourced to China

NaNook

NaNook
[quote="nochain"]
PACEDOG#1 wrote:GE still takes the cake paying zero taxes on 5 billion in profits.

Don't forget Exxon......
What about Exxon? Do you have any idea of the taxes EXXON pays? Do you even know the EXXON ticker symbol?

Read some 10ks before you make yourself look like an ass.

othershoe1030

othershoe1030
If Mittens has money offshore he's not the only one. Here's another black hole of finance to consider.
Super Rich Hold $32 Trillion in Offshore Havens
Sunday, 22 Jul 2012 07:13 AM

Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280 billion in lost income tax revenues, according to research published on Sunday.

The study estimating the extent of global private financial wealth held in offshore accounts - excluding non-financial assets such as real estate, gold, yachts and racehorses - puts the sum at between $21 and $32 trillion.

The research was carried out for pressure group Tax Justice Network, which campaigns against tax havens, by James Henry, former chief economist at consultants McKinsey & Co.

He used data from the World Bank, International Monetary Fund, United Nations and central banks.

The report also highlights the impact on the balance sheets of 139 developing countries of money held in tax havens by private elites, putting wealth beyond the reach of local tax authorities.

The research estimates that since the 1970s, the richest citizens of these 139 countries had amassed $7.3 to $9.3 trillion of "unrecorded offshore wealth" by 2010.

Private wealth held offshore represents "a huge black hole in the world economy," Henry said in a statement.

© 2012 Thomson/Reuters. All rights reserved.



Read more on Newsmax.com: Super Rich Hold $32 Trillion in Offshore Havens
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